Contracts: Applicable Law
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7 terms
Terms | Definitions |
|---|---|
 Unilateral contract | Results from an offer that expressly requires performance as the only possible method of acceptance. |
| Bilateral contract | All other offers. Usually offer is silent as to the method of acceptance. It is a bilateral contract unless 1. Reward, prize, contest 2. Offer expressly requires performance for acceptance. |
| Quasi contract | Equitable remedy. If contract law end up with an inequitable result use quasi contract equitable remedy. |
| Common law | Majority rule. applies to all contracts, even sales of goods, unless art. 2 displaces. |
| UCC Art. 2 | Only applies to sale of goods. Does not apply to real estate, service k, |
| Mixed service/goods k ucc or c/l? | All or nothing more important part, unless k divides payment. |
| Article 2a | Applies to leases of goods. |
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